Onex Corp. closed its acquisition of WestJet Airlines Ltd. in a deal valued at about C$5 billion, including assumed debt.

Under the terms of the deal, WestJet shareholders will receive C$31.00 in cash for each share they own. The company's common shares will also be delisted from the Toronto Stock Exchange within a few trading days.

Onex invested roughly C$345 million of the total equity investment as a limited partner in Onex Partners V.